[Tigga]

I haven't tested this, but I'm pretty sure it should work... In your myvbindex.php file look for:
// Show Avatar

Above that Add:

PHP Code:

// Country Hack
if (!$bbuserinfo['country']) {
  $flag = "";
} else {
  $Country=$bbuserinfo['country'];
  $Countryalt = str_replace("%20"," ",$Country);
  $flag = "<img src=\"images/flags/$Country.gif\" alt=\"$Countryalt\" align=\"absmiddle\" border=\"0\">";
}
// Country Hack End 


Then you would just use $flag whereever you would like their flag to appear.

For the latest threads part, if you look in your index_threadbit template you will see this code in the link to the thread:
title="Last post at $lastposttime by $thread[lastposter]"
That's what shows the last post time and last poster, so you would just move that to whereever you would like it to display.